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8 <br />1989, dated January 15, 1989 and maturing on July 15, 2000 to <br />2009, both inclusive (the "1989 Bonds"), and (iii) the City's <br />$1,950,000 outstanding principal amount of City of <br />Charlottesville, Virginia, General Obligation Public <br />Improvement Bonds, Series 1990, dated February 15, 1990 and <br />maturing on August 15, 2001 to 2010, both inclusive (the <br />"1990 Bonds"), for the purpose of realizing debt service cost <br />savings; and <br /> <br /> WHEREAS, the City Council has determined that to seek <br />the approval of the State Council on Local Debt (the "State <br />Council") of the issuance of refunding bonds for the purpose <br />of refunding the 1987 Bonds, the 1989 Bonds and the 1990 <br />Bonds, as required by Section 15.1-227.46 of the Code of <br />Virginia, 1950~ <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE <br />CITY OF CHARLOTTESVILLE, VIRGINIA, AS FOLLOWS: <br /> <br /> SECTION 1. Approval of Refunding of 1987 Bonds, 1989 <br />Bonds and 1990 Bonds. The Council hereby authorizes the <br />refunding of the 1987 Bonds, the 1989 Bonds and the 1990 <br />Bonds. <br /> <br /> SECTION 2. State Council on Local Debt Approval. The <br />City Manager and other appropriate officials of the City are <br />hereby authorized and directed to present a plan of refunding <br />with respect to the 1987 Bonds, the 1989 Bonds and the 1990 <br />Bonds to the State Council and to seek the approval of the <br />State Council of the issuance of refunding bons to advance <br />refund the 1987 Bons, the 1989 Bonds and the 1990 Bonds <br />pursuant to Section 15.1-227.46 of the Code of Virginia, <br />1950, and the "Guidelines for Approval of Refunding Bonds by <br />the State Council on Local Debt" adopted by the State Council <br />on Local Debt on November 20, 1991. The City is hereby <br />authorized to pay any fees and expenses of the State Council <br />in connection therewith. <br /> <br /> SECTION 3. Effectiveness of Resolution. This <br />resolution shall take effect upon its adoption. <br /> <br />BUDGET WORK SESSION <br /> <br /> Ms. Judith Mueller, Director of Public Works, explained <br />that staff had met with the company which had submitted a <br />proposal for dumpster service, but the company was not able <br />to reduce their cost to save 10% of the amount the City <br />currently spends to operate the service. <br /> <br /> Ms. Daugherty stated that she did nOt see any advantage <br />in privatizing the dumpster service if no savings were <br />realized. <br /> <br /> It was the sense of Council to not pursue privatization <br />of dumpster service at this time. <br /> <br /> Responding to a question from Ms. Slaughter, Ms. Mueller <br />stated that tip fees are projected to be $42 a ton and <br />$840,000 has been budgeted in next year's budget for dumpster <br />tip fees. <br /> <br /> Mr. Hendrix stated that staff have just discovered a <br />drastic reduction in next year's projected revenue which <br />could have a major impact on the budget. <br /> <br /> Ms. Linda Peacock, Budget Administrator, explained that <br />recent sales tax and interest income information has <br />indicated that the revenue projected for next year's budget <br />for these items may be short as much as $1 million. <br /> <br /> Mr. Hendrix proposed that the following fund be used to <br />make up the shortfall in next year's revenues in order to <br />give staff time to propose rational reductions by October of <br /> <br /> <br />